[Resolved]  Bajaj Finance / Personal Loan — VERY HEAVY INTEREST RATE

Address:Thane, Maharashtra

I HAVE GET RS 60000 (SIXTY THOUSAND) PERSONAL LOAN PERSONAL LOAN FROM FINANCE CO . BAJAJ FINANCE CHARGED ME RS 2869/- EMI FOR 36 MONTHS.I HAVE TO PAY RS 103284/- FOR 60000/-. SO INTEREST IS[protected]=43284/- IT IS 72.14% INTEREST RATE (43284x100 / 60000)
SO MY COMPLAIN IS HERE BELOW:-
1. IS RBI ALLOW ANY FINANCIAL CO TO CHARGE 72.14% INTEREST ?

2. IS IT LEGAL TO CHARGE RS 43284/- INTEREST FOR PRINCIPAL AMOUNT OF RS 60000/-

3. I AM PAYING RS.2869/-EMI ( RS1666.66 PRINCIPAL AMOUNT + RS.1202.33 INTEREST AMOUNT)
IS IT LEGAL TO CHARGE ABOVE CALCULATED EMI (1666.66+1202.33=2869)

4. RS 2869/-EMI x36 MONTHS= RS103284/- SO RS 43284 INTREST ON RS 60000/- IT IS VERY HAVY
RATE 72.14% I WANT REQUEST TO NOTE MY COMPLAIN. RBI SHOULD NOTE THE CALCULATION THANKS WITH REGARDS.
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Aug 13, 2020
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Guys
Innocently I have already availed the SALARIED PERSONAL LOAN from Bajaj Finserv.

Amount:2, 00, 000/- to be repaid in 60 months.
Disburesed amount: Rs. 1, 92, 184/-

Like Mr. sagarp_21, they told me that I have to take INSURANCE for Rs. 24, 132/- which they said is the minimum. Now, after 5th instalment, I am planning to pre-close my LOAN & they told me to pay the OUTSTANDING PRINCIPLE with BALANCE INSURANCE PREMIUM, which is ridiculous. Pre-closure total Amount Payable Rs. 214158.88/- which is even more than the loan amount of 2lakhs, even after paying 4 instalment amounting to Rs. 22, 000/-.

Kindly advice me to proceed.
mirza aamir's reply, Feb 1, 2019
Did you get any help for this issue ??

Personal Loan — Personal Loan EMI repayment schedule

I am a salaried perosn in pvt ltd co. I have taken a loan from a reputed pvt financial institution of Rs.33000/- one year back. During loan processing they didnot disclose me date of payment of montly installment which they fixed 1st day of every month thru ECS. When I come to know in statment i requested them verbally to allow me to repay my installments between 01 to 05th day of every month but they refuse so my some installments could not be make in time but between 05th day of every month.
Now I want to forclose my balance loan amt but they are asking me to pay Rs.3000/- for cheque bouncing chgs which are on very high side.
Pls consult...
You see this website and get some affordable links from it. It will help you a lot as it helped me.

http://personal-loan-info.freehostia.com/

Bajaj Finance — related dual payment charged

MY SHELF RAMAVTAR PRASAD VERMA MY PROPOSAL NO. IS 42228 MY INSTALMENT OF TWO WHEELER FINANCE IS 1620 I ISSUED A CHEQUE OF MY OWN SAVINGS ACCOUNT OF CENTRAL BANK OF INDIA FOR THE MONTH OF JULY 08 (CHEQUE NO. 27299) BUT YOUR LOCAL OFFICAL PERSONS TOLD THAT MY CHEQUE IS BOUNCED I HAD TO PAY THE AMOUNT BY CASH ON THEIR VERBAL VERSION I AGRRED AND PAID THE AMOUNT OF 1620 BY CASH ON 09/08/08 AGAINST THIS PAYMENT I GOT A RECEIPT OF THE PAYMENT WHICH RECEIPT NO. IS 57420803. WHEN I ASKED FOR MY BOUNCED CHEQUE THEY SAID I WILL GET IT IN NEXT 2 OR 3 DAYS I SAID IT OK . BUT WHEN I WENT TO BANK I FOUND THAT THE CHEQUE NO ABOVE MENTIONED WAS CASHED ON 19/11/08 BY YOUR OFFICIALS . FROM THAT DAY TO TILL THIS DATE I ENQUIRING FOR MY EXCESS PAYMENT FROM YOUR OFFICIALS BUT NOTHING IS REPLIED FROM THEIR END EVERY TIME SAME ANSWER PLEASE COME NEXT TIME WE ARE SEEING THE MATTER . BUT NOTHING TILL THIS PAST 3 MONTHS PLS KINDLY REFER TO THIS MATTER AS QUICK AS POSSIBLE. PLS CONTACT ME ABOUT THIS IN MY EMAIL ID [protected]@rediff.com, OR IN MY MOBILE NO. [protected].
THE PERSON WHO IS DEALING IN THIS MATTER ON BEHALF OF YOUR COMPANY IS VIKAS GURJUR AND NOW A DAYS HE IS NOT ALSO ATTENDING MY PHONE CALLS HIS MOBILE NO. IS [protected]

NOTE : KINDLY NOTE THIS PERSON IS VERY RUDE, BLUFF AND A CHEATER TYPE OF PERSON FOR ME . IF YOUR COMPANY DOES NOT GIVE MY MONEY BACK NOT A PROBLEM AT ALL FOR ME BUT MY HUMBLE REQUEST TO KINDLY TAKE A ACTION AGAINST THIS CHARACTERLESS PERSON VIKAS GURJUR. ON MY LAST TALK WITH HIM HE THREATENED ME DO AS YOU LIKE AND I WILL SEE WHAT YOU CAN DO .
To,
Branch Manager
Bajaj Finance
Ahmedabad


Subject: Refund of EMI


Dear Sir/Madam,

I brought one digital camera from Croma (TATA Enterprise) Ahmedabad. Camera made & model number is SONY – HD50. I have selected finance option and taken finance from Bajaj Finance, easy payment installment facility with direct ECS service.

I had gone through my bank statement and come to know that one last installment debited wrongly from my bank a/c of ICICI Bank a/c no.[protected]. Request to please recheck my finance installment a/c status and refund my money.

Kindly look into the matter and do the needful at your earliest


Thanking you,

Mithun Chakraborty

Personal Loan — Bajaj Finance

Hi,



This is in regards to Loan which I had taken in the month of Sep 2006 from Bajaj Finance Ltd.



Amount Financed was Rs.30000

Proposal no 40534764



I was asked to pay Rs 10600 as an advance EMI for which I had made the payment to Mr. Manish (dealer from whom I purchased the PC) Add: B/10/29 Rajendra Nagar, Dattapada Road Borivali East Mumbai: 400066 (Mobile no: [protected])



Later I was asked to issue 8 post dated cheque to complete the loan process,

As per Bajaj Finance requirement I have issued the following cheque:-



I have given the cheque for two banks i.e. Citi Bank and ICICI Bank



Citi Bank cheque: 158812 and 158811

ICICI Bank cheque: 994210, 994211, 994213, 994214 and 994215



I was informed that due date would be 17 of every month and I was also informed from Mr. Manish (Dealer) that first they will deposit My Citi Bank cheque as they were only 2 .



17/10/09

As per your information, I deposited Rs2650 in my Citi bank A/C.



At the end of the month when I checked my ICICI BANK A/C, it was found that you people had placed my icici cheque, which resulted in Bounce charges to him.

How can you people deposit the cheque as per your wish without informing me about the same?



17/11/06

Later I contacted again with Mr. Manish for the same, he again said me there might me some problem at account’s department .He again assured me that this time they will deposit my Citi bank but again same thing was repeated ( I was again charge with Rs 224from my ICICI bank as bounce charged )



As I was given wrong info from Mr. Manish, I was repeatedly charged with Bounce charge and finally I thought to make the cash payment as no one was giving the correct answer to me.



I have called up[protected] and spoke to Mr. Chetan on 29/11/06 for this issue, he suggested me to make the cash payment .He had send some body to collect the same. I have handed over the Rs 5300 to the Agent named as Ramesh on 16-nov-2006 for my first and second EMI together

Receipt no 40541996 and 40541995 was given to me as proof for the payment



Later in next month 21-DEC-2006 Rs 2650 got debited through my ICICI a/c via cheque no 994212



Other cheque number: 994213 drawn on ICICI bank got cleared on 22-jan-2007



As I was repeatedly charged with Bounce charge, I thought to make the cash payment n settled down the a/c



I have made the cash payment of Rs 2650 on 12-mar-2007 via Payment receipt no: 40548454.



23-MAR-2007 I have made the payment of two months together. I have paid Rs 5300 via receipt no 40548470



Finally I have cleared my last due on 25/06/07 via receipt no [protected] of Rs 2650 in your Lower Parel branch.





After clearing all my dues I was getting collection calls in the month of November 2007, So I personally visited the branch and met Mr.Ketan ([protected] ) and inform about the issue, he said me that he will look up the matter, but same not done after giving him my bank statement copy and payment receipt .







Now I have received the later asking me to pay Rs .5800



Please check the payment receipt, I have cleared all my 8 dues, than how 5800, if some thing has been chared to me as penalt for delayed in payment in starting two month, that’s not my fault, since it was inform to me by your dealer,



I woun’t bear the charge for the same.





Request you to get the same thing settled and remove my name from CIBIL list.

finance — heavy rate of interst

hi dear sir,

your firm is taking a lot of intrest from my account,
For this reason I had forced to put this mail to your
company & due to this reason I am unable to afford
to take some other loans
I purchase LG/AC in snejali, kalyan, dist thane, maharasra, , thank you for your finance for AC my loan account no is 5770cd00019338 is completed the installment, what is problem my noc not forwared in my house please forwared my loan noc. my details is following below : Name : Deepak R Dusane Add : C-2, 201, Mohan Park, Khadakpada, Kalyan(w) Dist Thane cont.No [protected] or [protected]
Dear PRADIP GHAGHDA,
You told that you took personal loan of 60000 and for a period of 36months you are asked to repay the loan amount by EMI @2869 so at the end of three years you are repaying an amount of 103284/- fon taking a loan of 60000.

You did some mistakes in calculating interest the interest rate.
Interest is calculated on per annul basis here you paid total interest 43284/- for three years so 43284/3=14428 is the annual interest paid.
(14428/60000)*100=24% is the interest rate paid by you per annul.

if you have repaid the loan amount in one year you would have paid only 14428/- as interest towards loan amount of 60000/-

always keep in mind that interest rate is calculated on per annul basis and the more is your tenure period the more you pay towards intrest that your loan amount.


Thanks & Regards
Rahul
the govt of india must take some action for this pravite finance companys by giving high intrest rates personal or any loan they must charege less then 10% then only there doing service other ways they cheating public money like politicians i hate this blady blood sucking finance people.!
Hello Bajaj Finance Bangalore Team,

I want to appreciate for your unethical practice in Personal loan processing. However these people are airing their voice high to sell their bajaj finance personal loan product by telling you that
Prompt Repayment Benefits- offering 1% cash back on annual interest which is actually nothing but 600 Rs for 60, 000 Rs annual interest component, if you have 4 lacs loan(Are we fool or not calculating, that too even if you are not missing any payment date)
Part Prepayment facilities
Nil Foreclosure charges

This is the way they are trying to lure the innocent and non calculating or bargaining Indian people,
The same way they tried to dupe me, but actually how these people cheated it is explained here
Bajaj Finance employee did not send promised personal loan percentage and processing fees mail till the loan amount application approved and kept on false promises that they will give what they promised. Moreover when loan amount approved they increased loan interest component by 1% and when I argued they gave vague reasons. However when i said them clearly that i will not tolerate this and will escalate till Bajaj Finance CEO, COO or VP level than these guys came back to almost normal offering (0.25 % more), but again they did a trick and made compulsory for me to go for insurance cover of 20, 000 RS for 4Lacs Rupees loan amount which i applied for 5 years. It means i will apply for 4, 20, 000 Rs loan but I'll get 4Lacs only in my account and 20K will go for insurance premium and my per month EMI will be shoot by 400+ bucks.
For this insurance component they are saying to me that it can not be reduced and you can not omit, it means for me there is no other choice to go with them with given conditions or let myself mute and try with some other bank. OK no grudges, I'll find out some honest bank who are having right business practice and transparent loan processing process in place.

Please make sure to follow below given points when you are dealing with Bajaj Finance Bangalore Team-
Ask them to share Personal loan interest component and processing component at very first stage of talk.
Ask them to give full calculation for Per month EMI with breakup of Principle and Interest component with processing fee amount including Tax.
Ask them to share and discuss with them clear cut about Insurance Cover that they are including with Personal Loan amount, because many more times they will say that loan insurance amount will be adjusted in EMI with major part waved and you have to pay less but they are actually they are lying to you.

Regards,
Sagar
Hello,
I am from Surat. I got a call from an unknown person who told me that he was an employee of Bajaj Finance Delhi and offered me a scheme of 0 percent interest loan. Against which the company would take a policy of 10 percent of the total amount of loan as deposit and the benefits of the policy will be gained by the company.
I was further told that i have to give an advance chq of the 10 percent amount as deposit and I.D proof and residence proof, which will be collected by the employee of the company from my home itself.
I had a doubt and crossed checked the same with a branch of Delhi office and came to know that it was a fake call.

Pls do take an action against such people if you want to maintain reputation of your company.
I got a call from Mob:- [protected]

Regards
Mudit Vig
Dear Rahul,

Mr. Pradip's calculations are absolutely right. Bajaj Finserv personal loans are plain cheaters and Bajaj Chennai is already doing the same. I have a bitter experience with this company. Never knew they charge so much interest rates until I saw the statement after 10 months of paying the EMI.

Now, the problem is 36 months tenure is not chosen by the customer but by Bajaj Finserv Chennai or other offices in India. They force you to pay for 3 years with EMI which will deduct only the interest in first 10 months and last 10 months.

What they say is, my 45, 000 INR paid so far is deducted for interest mainly. Only 15, 000 out of my 93, 000 loan is deducted. How awesome the system is? RBI should take action and stop such malpractices in personal loans where interest percent is 50% 80% or whatever they desire in fixed rate.

My loan amount was 1 lac but some paperwork charges later, 97, 000 was finalized and insurance was deducted which left me with 93, 000. But, I am supposed to clear over 1, 60, 000 INR by 2015 including interest. Stay away from every personal loan provider as there's always a catch.Check well before you commit.
hi all!
I have taken a loan of 6, 00, 000 rs for a period of 5 yrs from bajaj finserv.
I was not mentioned anything about the insurance till the day before the loan approval.
All they told me was, a minimal amount will be charged towards insurance - at the end they charged 18500 rs as insurance.
So my loan total amount that I need to pay will be - 6, 00, 000 + 18500 + 15.5% interest on both.
Bajaj is smartly selling the no value added + stupid insurance policy to the customer.

ppl kindly be aware of this company...

DO NOT TAKE ANYKIND OF LOANS FROM BAJAJ

Bajaj Finance — i need a consumer durable loan

I purchase led tv on Bajaj finance.2ecs cleared in my account.but I need ac on finance.what is a procedure to take a another loan
Hello everyone, my name is forATTORNEY FREDERICK, a citizen anger; am 42 years old .. I want you all about the goodness of the Lord for that eventually leads me to a real and genuine loan lenders named Mr COA, managing director of CAPITAL CREDIT LOAN Company according cheated by other fake lenders informed I was hopeless and did not know who to trust, while he came and sat a big smile on my face to my great surprise. Each of you who have been a victim of fraud, you should no longer thing to worry about, I bring you good news, and the only lender that you can trust, join now by e-mail: {} [protected]@outlook.com for more information on how to obtain your loan.
A/C# 403SAL23743118 got a personal loan on 2nd June 2016. Now I wanted to force close my personal loan due to huge rate of interest in Bajaj. So I called customer care to know the total outstanding amount to force close my loan. They said there are some 4.6% pre closer charges applicable on your balance amount. But in the email that I received from Bajaj mentioned that Nil foreclosure charges. I need an explanation why there are pre closer charges applicable for me and why this was not communicated before proceeding. Please get back to me immediately with all the details. Otherwise I will approach legally and file a cheating case against Bajaj fin services.
Hi, I applied for a personal loan from Bajaj Finance in April 2015 for 50000/- then they passed my loan within two days of rs 49000/- apart from that they deposited 45000/- in my account and rest of amount made separated for insurance they said. They send only insurance policy at home and still didn't received any welcome letter, they offered me 13% of interest for loan and instead of that they are taking 25% from me without intimation it's two years gone with emi of rs 2382/- and still one year is on, they said. What kind of foolness is this, Bajaj Finance collection department people is behaving like too rude with us and now they are pissing me off. Now question is that what is the solution is for...?
Name:Ranjeet Ambarte
Loan no. :4060PL10165684
Don't take any loan from bajaj finance ltd.They are mentally harassing me even though i am paying regular emi.They are just torture.I am filing mental harassment case against the company.They are charging very high interest rates.They are abusing me.This company is such torture.I request don't take any loan from bajaj instead just go to a bank.Bajaj is such a big torture believe me.They are freaky torture and big scammers.
Never opt for Bajaj.

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